Indian Market Extends Gains In Early Trading

RTTNews - Favorable global cues on the back of better-than-expected economic reports from the U.S. helped the Indian market extend its rally in early trading on Wednesday.

IT, realty and consumer durable stocks are leading the gainers, while defensive FMCG stocks are trading subdued.

The BSE Sensex opened higher at 15,763 and rose to a high of 15,818 thus far during the day. Since, then, the index has lost some ground and is now trading at 15,798, up 109 points or 0.70% and the S&P CNX Nifty is trading at 4,688, up 0.62%.

On the BSE, the mid-cap index is moving up 1.39% and the small-cap index is up 1.87%. The market breadth is extremely positive, with 1572 gainers versus 408 losers.

Among the top gainers, TCS, Infosys and Wipro are up over 3% each, DLF is rising 2.63%, Hindalco is adding 1.81%, Jaiprakash Associates is advancing 1.59% and Reliance Communication is up 1.26%.

On the other hand, ITC, HDFC Bank, Maruti Suzuki, BHEL, ONGC and Sun Pharma are trading in the red.

Austral Coke & Projects is tumbling nearly 4% after it proposed to set up 2 coke plants. SRF is up 1.20% on commissioning its new dipping facilities for tyre-cord fabrics with a capacity of 11500 TPA at Gummidipoondi plant in Tamil Nadu.

Greenply Industries is down 1.67% after fixing September 8 as the record date for a proposed rights issue along with detachable warrants. Gammon India is gaining 1.30% after it fixed a share swap ratio of 2:1 for the merger of Associated Transrail Structures with the company.

Apollo Hospitals reportedly said that it will continue to add 1,000 beds every year for the next three year and is planning to set up three more hospitals abroad. The stock is down 0.84%.

Tech Mahindra is adding nearly 3% on reports it has bagged a 10-year outsourcing contract worth about $500 million from new telecom entrant Swan Telecom.

Ansal Properties & Infrastructure is up 4.45% after the company proposed to raise funds for business purposes & other related matters. Oudh Sugar Mills is down 0.58% after its board passed an enabling resolution to raise funds through the QIP route.